- (1.) The Court : By consent of the parties the appeal and the applications are taken up together and disposed of by this common order.
(2.) This appeal has been preferred by the Union of India, Ministry of Heavy Industry and Public Enterprises against an order dated 9th August, 2019 passed by Justice I.P. Mukerji, in connection with winding-up of Bharat Process & Mechanical Engineers Ltd. (in liquidation). The said company was referred to BIFR and during the course of hearing, BIFR recommended winding up of the said company. The matter has since been placed before the leaned Single Judge for final order of winding up. During the pendency of the said reference, it appears that one TPG Equity Management Pvt. Ltd. claiming to be a secured creditor filed an application for revival of the said company. During the course of hearing, the leaned Single Judge felt that since it relates to the policy matter of the Central Government and it involves major minerals and natural resources, a high power committee should be constituted with representation from the Central Government, Odisha Government and OMDC of not more than three members and representing the interest of all the three stake holders to take an informed decision with regard to renewal of the lease within three months from the date of communication of the order. TPG Equity Management Pvt. Ltd. which was treated to be one of the secured creditors having huge stake, was given an opportunity of hearing before any decision is taken with regard to renewal of the subject lease.
(3.) It is not disputed at the bar that the company now in liquidation was a Government company of which the entire holding was owned and controlled by the Central Government. The company, while in operation had three mining leases which had expired in the meantime. On 27th July 2004 the company was wound up. It may be because of the winding up of the said company the mining leases may not have been renewed. However, one thing that cannot be disregarded is the huge liability of the said company which involves a large number of workers, and TPG Equity and Management Pvt. Ltd., claiming to be the only secured creditor by reason of assignment of debt in its favour by the UCO Bank.;